Legal technology innovator LeGuard integrates live activity, spend and accruals tracking tool with Acuity’s v4.0 enterprise legal management platform
Richmond, VA, June 28, 2017, /PRNewswire-iReach/ —
Acuity ELM, a leading provider of cloud-based enterprise legal management (“ELM”) software to corporate legal and insurance claims departments, today announced its partnership with LeGuard, a software-as-a-service company that provides live legal activity and spend visibility to corporate legal departments and their firms. With the release of Legal Bill LIVE, Acuity clients and their partner firms can track and view actual outside counsel activities and fees as they occur – eliminating the accrual black hole and after-the-fact invoicing surprises.
With the addition of Legal Bill LIVE to the Acuity ELM v4.0 ecosystem, corporate counsel can:
- Recognize Additional Reductions in Legal Spend: because firm activities are tracked and documented as they occur, the possibility of period-end guesstimates and rounding diminishes significantly. LeGuard clients typically realize a 10 – 22% reduction in annual spend because of Legal Bill LIVE’s always-on, fluid design.
- Stay in Front of Billable Activity: LeGuard’s technology allows lawyers to communicate billable activity before beginning work – giving corporate legal and finance departments visibility into activity and spend as they occur. Actual hours spent on billable work are recorded in the moment. The built-in Hawthorne Effect (defined as improvement in performance as a result of increased attention from law billing partners and clients) drives legal spend reduction through improved efficiency and performance.
- Connect Live Accruals to Matter Budgets and Cash Flow Forecasts: Acuity clients can see real-time accruals and compare them to a firm’s matter-specific budgets – and get a holistic view of the state of the budget in a concise single-page report view. LeGuard’s in-the-moment accruals provide clients with significantly more accurate and immediate cash flow projections.
- Customize Accrual Billing Rules and Automate Bill Review: Acuity clients can compare amounts invoiced to LeGuard’s objective, live accrual data for a first pass automated bill review. Clients can attenuate accrual rules to flag or prohibit billing at a certain percent above the actual accrued fee amount for the period.
“Although unspoken, it’s no secret that legal spend descriptions and data are often edited after time has been entered to justify billings and payment. Legal Bill LIVE data keeps information pure and allows corporate legal and finance personnel to evaluate performance on objective data captured in the moment. Legal Bill LIVE is the only system on the market that provides contemporaneous activity and spend data rather than relying on manual time recorded retroactively at the end of the week or month,” observed LeGuard President Frank Marvin.
LeGuard is the only data aggregator that allows both outside counsel and in-house attorney to view and take immediate action on activities as they occur – resulting in higher quality outcomes, fewer write-offs for outside counsel and additional bottom line savings for clients. LeGuard syncs firm activities and entries with Acuity ELM via RESTful bi-directional API.
Acuity President Kelley Johnston added, “because LeGuard’s technology captures 100% of outside counsel’s accrued spend as it occurs, our clients are not met with downstream surprises – in fact, the additional visibility has strengthened relationships with firms due to the level of transparency Legal Bill LIVE fosters. By displaying accrued versus billed discrepancies at the timekeeper and code level, Acuity clients can easily identify surprise activities added after the fact and immediately kick off further discussion with their partner firms. In turn, those firms have greater line of sight into the work that is actually being performed and can develop more accurate matter budgets and forecasts, fostering additional trust with the in-house clients they serve.”
About Acuity ELM®
Founded in 1996, Acuity ELM is a software-as-a-service provider of legal e-billing, matter management, analytics and collaboration technology. From basic tracking of legal cases and claims through advanced automation of billing rules and all points in between, Acuity ELM serves as the data hub and communication conduit that reduces error, eliminates redundancy and provides the intelligence required to answer the strategic questions that keep Chief Legal Officers and General Counsel up at night.
Acuity ELM delivers intuitive, affordable enterprise legal management software and exceptional client service to legal teams of all sizes – with an eye toward fostering industry-wide efficiency and advancing the integrity of the ELM landscape as a whole.
Founded by lawyers, for lawyers, LeGuard’s industry-changing technology gives corporate legal departments LIVE visibility into outside counsel activities before they are initiated and into spend as it accrues. LeGuard’s LIVE time/activity captures the purest data possible for bill review, accruals, budgeting and other corporate legal department needs. To learn more, visit www.leguard.com
Acuity clients can see real-time accruals and compare them to a firm’s matter-specific budgets – and get a holistic view of the state of the budget in a concise single-page report view.